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tv   Real Money With Ali Velshi  Al Jazeera  November 4, 2013 4:00am-4:31am EST

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check check lz welcome to al jazeera america. here are the top stories at this hour: ousted egyptian president mohamed morsi's trial is underway in cairo. this is a live look outside the courthouse where a large group of people have gathered. mohamed morsi is accused of in citing the murder of protesters. he says his ousting by the military was an illegal move. >> secretary of state john kerry is in the saudi arabia. he will meet with saudi arabia's king abdullah to discuss the syrian crisis, turmoil in egypt and concerns over iran's noouk lee program.
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secretary kerry met with egyptian officials. >> the shooting at los angeles international airport, the gunman talked with police moments after the rampage. cincinnati tolds them he acted alone, the admission coming after he was shot by officers. paul ciancia killed a t.s.a. employee on friday. he's in critical condition and under 24 hour civil rans. >> a record number of runners ran in the new york city marathon. tighter security was in place in the night of boston marathon. the race was cancelled last year because of superstorm sandy. >> those are the head lines, "real money" with ali velshi is up next. why howard buffet, son of one of the world's richest men prefers blue jeans and a corn field to suits and ties in a boardroom. i'm ali velshi, this is "real money"
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>> this is "real money", you are the important part of the show. tell us what you think. the roll out of obamacare insurance exchanges is off to a bad start. you know that. newly released documents reveal a handful of people signed up for insurance on 1st october the the day they opened for business. by the second day it was 248. to those that tried and failed to sign up using the government's website, everyone from president obama himself to health and human services secretary kathleen sebelius has apologised for the website's problems and vowed to fix it. we are hearing conflicting reports about what went wrong with the roll out. cgi, the contractor developing
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the site may have warned the obama administration that it would not be ready tro go live on october 1st. we know the administration says it needs until the end of november to fix the technical glitches. that's two months after it launched. to comment the penalty for not enrolling under the new law is effectively waved for six weeks. the new deadline will be march 31st. if you are one of the estimated 15 million americans who buy your own insurance, you are not employed through an employer or insured through an employer, you have to sign up for coverage by the deadline or face a penalty. you can do that through your insurer or go to the government changes, assuming healthcare.gov works one day. >> 8.5 million of 15 million could qualify for a subsidy. the
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affordable part of the affordable care act may be a misnomer for 6.5 millions that didn't qualify. we talk to a couple in carolina available. >> gregs and his wife got an unpresent surprise - health premiums are doubling. they pay $629 to cover themselves and daughter sophie. in a letter blue cross blue shield of north carolina says it's ending their policy, offering them a new one meeting the criteria. the price tag $1,500. >> naturally i don't get angry, when i do, you know it. >> greg expected an increase. but not that much. >> out of blue, a letter saying your premiums would almost
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double was a shock. >> one reason - the message coming out of the white house. >> if you like your doctor. you'll be able to keep your doctor. if you like your health care plan, you'll be able to keep four health care plan. >> the vast majority are covered through work, 15 million americans are like greg and aneata, purchasing insurance on their own. 85% of those policies are not compatible with the health law. insurers are mailing out millions of letters to customers, informing them that policies are being adjusted descontinued. ag. >> in north carolina, 1,000 customers are getting letters and facing price hikes - especially in rural areas where fewer insurers competing can spell higher prices. new regulations can drive up costs.
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the new health law requires everyone to buy health insurance or pay a fine. there are now standards whether you buy it here in carolina or across the country. it may make insurance go up. among the standards: the law requires a range of preventative services. a blue cross speaksman would in the comment, but noticed plans are required to offer more coverage, including maternity and paed attic. >> if you are 400% in poverty and premiums are going up, and if your plan is enhanced. it will cost you money. >> unlike greg adds plan. those that boy on their own is expected to be lower.
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increasing between 10 and 13%. to be eligible you must earn less than $46,000, or $94,000 for a family of four. half of those enrolling qualify for subsidies. for those like greg, aneata and others who earn too much. money. >> we'll shop around and look for a different plan. i think we can get less than $11-00. it will still be more. >> problems with the obamacare website threatened to undermine the administrations goal of signing up 3 million young healthy people. that group of people is to important the government recruited hollywood heavy waits to lure them in. the opposition is there with them. >> seduced by one side. >> my company assist health care doesn't cover ma'amo grams.
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>> scared by the other. >> take your pants off. >> the online site to attract obamacare's most crucial buyers - the young and healthy. angeles. >> people in our age group are more concerned with finances than wellbeing. it's tough. i don't know if that video gets that point across. >> that video, featuring actress jennifer hudson spoofing "scandal" was produced by a comedy website. hollywood executives and entertainers were enlisted in july to sel young people an obamacare. "funny or die" is volunteering time or resources to produce 20 videos prom gs obamacare. a -- promoting obamacare.
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the white house is getting comments on social media. >> i like videos like this. they make light of a serious situation. and maybe reach on audience that this. >> according to the asserted press the obama administration is reportedly spending $684 million on publicity marking and advertising. much for their ad campaigns. the anti-obamacare camp is using the same tactic. generation opportunity, which received $5 million from the conservative billionaire coke brothers, 750,000 of which was earmarked for anti-obamacare initiatives produced this video. >> the video urges young people to opt out of bare , arguing it's -- obamacare, arguing it's
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cheaper to buy private plans or pay the fine. >> a facebook following group posted videos on line. they are hoping to woo the audience aways from obamacare, forcing a repeal of the law. >> both sides have their work cut out for them. a gallop poll showed 69% of 18 to 29-year-olds didn't know they had to buy health insurance, much less they would be fined. >> it's unclear who is winning the information war. for or against the videos are raising awareness. >> the positive ones are effective. the negative - hey, wait a second, i'll look this up. >> at obamacare, we believe saying affordable health care. >> you want to know what will be covered andway it will cost and not the weird take on the
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government screwing us. . selling obamacare doesn't come cheep. beside the money the government is spending, more money will be spent on television spots. >> when howard buffet decided to become a farmer, he didn't take the approach you might expect. >> when i got here i wanted a farm. i bought farm grand. i looked for the cheapest. if you go north it's some of the most expensive. down here it's not that expensive. now i buy both. >> congress debates the pros and cons of farm did i say and food stamps.
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>> they say they did it because they were trying to protect my children. they didn't protect my children, they traumatized them. >> fault lines examines why so many native american kids are caught in the child welfare system. >> any time they see a social worker its like seeing a police officer. the immediate response is, "they're here to take my kids". >> from the indian perspective who sees this in terms of history, this is as about as adversarial as it gets.
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>> a senator under investigation and only al jazeera america is there. uncovering the corruption opening the files... >> are you going to resign if your're indicted? >> breaking the story real reporting, this is what we do... al jazeera america washington's budget battles are heating up. at take renewal of a $5 billion farm bill that expired on
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october 1st. temporary expansion to the food program passed. it would reduce the food stamp program by $4 billion. sounds like a lot of funny. not to the republicans, they passed a version cutting out there 40 billion over the next 10 years, it's up to both sides to reconcile the two bills. food stamps are the point of contention. we have a report on how food stamps came to be and the importance to a wider economy. >> food stamps are a hotly contested issue in the farm bill, a source of controversy since created 75 years ago in depression. the first food stamp program was a way to brim the gap between struggling city dwellers. participants received stamps to buy the surplus food. president kennedy implemented
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the program. electronic benefit cards replaced it. officially called the supplementary nutritional issue or snap, it stands at record levels. 48 million americans used them at a cost of $78 million, an average $133 per month. eligibility depends on income level. no alcohol, cigarettes or hot food. what they do supply is an overall boost to the any. >> for every dloor spent through today stamps you generated $0.75 in the rest of the economy of. of all the things lawmakers could do, one like now when unemployment is high, nothing is
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more or has a bigger bang for the buck than the food stamps. >> united states secretary of agriculture says the cuts affect for man programmed resip yets. farmers receive some of the money. >> economists say grocery stoors, food processor and the trucking industry could be hurt. foodprocessor collected $75 billion last year. walmart estimates it rakes in 18% or $14 billion of foodstamp spending. putting food on the table is a big business. it's important to the economy. a lot of jobs are tied into that simple thing, getting food on the table. >> benefits will drop by 7%. the first time benefits have been
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lowered. if the house bill becomes law, up to 3.8 million could lose their benefits. >> there's a lot more to the farm bill than the expansion of food stamp programs. david spoke to the agriculture secretary acting what else was at stake. >> it's a contravention bill. it's a trade promotion bill. it funds business growth, it's a research bill, a disaster assistance bill, it's all of that. it's one of the interesting thing about the bill, it has so many ramifications for americans. >> there's relief for cattle ranchers in south dakota, seeing thousands of cattle die. they don't get the relief. u.d the disaster relief from previous bills expired. they could face having to
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liquidate the remaining part of the herd and going out of business. regarding farm subsidies, do you agree some, particularly for wealthy farmers are to be cut. >> absolutely, that's why we are interested in making sewer the bill is passed. it contains reforms, but eliminates direct payment program providing checks to farmers. it substit utes it to programs assistance. >> the really wealthy farmers have less help than those who are struggling. >> certainly there is uncertainty as far as mother nature is concerned. what about the uncertainty of washington, and the possibility that cann yeses may not produce a -- congress may not produce a farm bill. what does that do? >> it puts everything on hold. people are not making decisions about purchasing equipment or expanding operations.
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if, at the end of the year the congress has not passed a bill, we at usda will institute permanent agricultural law. what that will do is hurt not only farmers, but impact consumers, because it will raise the price of commodities, creating short inls of milk -- short inls of milk in the grocery store. it's imperative that congress get this down. >> howard buffet is a 58-year-old fillan throe pist, and the son of billionaire investor warren buffet and is likely to exceed him as a non-executive chairman. none of those things are interesting about howard buffet. he's a midwestern farmer dirty. >> you get out there, you go from field to field.
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i love the ability to produce something, task completion. every year is different. >> buffet grew up in nebraska, and moved to illinois. he farms 45 minutes away in paynal illinois. >> when i got here i wanted to farm. i bought farm grand. i looked for the cheapest. to the nors is expensive. beans. >> looks like there's cover. >> he's an advocate of no till. a way of growing crops without digging, stirring and overdiging the soil. >> if you look at my fields and a lot, you see the stalks. we don't touch that until we applicant next year.
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buffet believes no till farming conserves soil. >> we are losing more sail in bowl. >> the tradeoff is chemical arg culture. we put nirt given on in spring. >> being the son of a richman, howard buffet is not afraid to use his influence to tackle issues, including the need for better immigration policies to help the industry, relying on immigrant workers for farm work. >> according to the labor department, the u.s. had 1.4 million crop workers between 2006 and 2009. 26% were migrant workers. >> we have farmers going out of business because they can't get the labour. >> for viewers that say we have upward of 10 million people
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can't they be the workers. >> that's the easiest method to defunct. you go out and advertise. you may have three americans showing up. >> why is that, men's don't like the hard work? >> go into the water melon fields, can'ta lop - you and i wouldn't last. the heat and the work and the physical labour is unbelievable. our foundation did a study and fund anyone in arizona can earn as much money from the state and federal government being field. >> buffet worries about americans who seem to be roots. in rural towns. he uses tower hill, 12 minutes from his farm. >> those people have no way to get agz to what we call the basics foods, including fruit and vegetables.
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can they get to a quick shop. because they are in the heartland of america, we are not producing fruit and vegetable. we are big production, picking corn, cutting wheat. we don't have fruits and vegetables unless you have a small farmer. >> howard buffet like many farmers receives government subsidies, helping farmers to better manage their farms. usda subsidies totalled $14.9 billion. >> an estimated $14 billion is sitting in retirement accounts - wasting away with no one counting the money. >> while you were asleep, news was happening. >> here are the stories we're following. >> find out what happened and what to expect. >> international outrage. >> a day of political posturing. >> every morning from 5 to 9am al jazeera america brings you more us and global news than any other american news channel.
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>> tell us exactly what is behind this story. >> from more sources around the world. >> the situation has intensified here at the border. >> start every morning, every day, 5am to 9 eastern with al jazeera america.
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the stock markets i popping more than 23% gain so far this year is great news for many of the 70 million american workers with 401 k accounts. hopefully you may have noticed a gain. you may be one of 4 million people whose 401 k plan is lost, sitting there, wasting away. talking about tens of millions. we explain why this happens and introduces us to a man who hunts down 401 ks and reun items them with openers. >> this is a select group of benefits' lawyers contracted by the government to connect people with retirement money they may not know belongs to them. >> he's a 401 hunter, and it involves paperwork, letters, beneficiaries.
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>> pretty much they say - choice four letter words. i'm, "no, we really have money for you." >> his firm handles cases involving companies that have gop out of business without -- gone out of business without distributing money in 41 k acts. the government roars him to get it to -- requires him to get it to rightful owners. estimates vary on lost retirement dollars. experts agree close to 4 million 41 k and similar accounts are owned by lost investors. the average balance of a lot of account is $10,000. >> almost 40 billion is sitting in lost accounts. >> it you go maths, you cam up with 30 and 50 billion. >> a person is lost when an address on a file is wrong, or social security numbers are off
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by a few digits. >> that's when the search begins, the stack of paper up. >> this is one case. >> this large and growing problem goes beyond cases like those held by shalon. >> lost participants are part of a larger dynamic we are trying to solve. >> many workers lose track of 401km. large numbers of people are enrolled. exist. >> it will get worse as more companies use the feature. >> let than a quarter companies used the plans. half of those plans
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autoescalate a portion going into retirement k. the age of direct deposit means many people don't examine checks to see what is deducted. making matters worse, government figures show people switch jobs, more than 10 times in a career and may not update addresses. 9.5 billion change jobs every year. it's a dynamic issue, the pie is going. we need a solution fast. >> another contributor is a d ox l rule requiring investment firms send account notifications through paper mail only. >> we have a younger generation used to getting things electronically. a lot of people are not used to getting pieces of mail. >> there's so many dollars locked up the u.s. department of labour held a hearing and invited companies, including american airlines. they called companies to testify
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about locating missing and loft account holders. one expert said 42% of perhaps it surveyed allowed amounts of action. >> assets can go untouched for years and decades. balances threatened by fees and ou outdated administration. >> people are getting hurt. participants. >> 70% of account holders are found. there are many others, and billions still lost. >> if you have changed employers and suspect you may have lost a retirement account log on. we have assembled an action plan. happy hunting. that's the show for that week.